数字化转型、资金渠道差异与企业减持行为  

Digital Transformation,Funding Channel Disparity and Manager's Stock Selling

作　　者：钟娟[1] 陈昕 魏彦杰[1] ZHONG Juan;CHEN Xin;WEI Yan-jie(School of International Economics and Trade,Anhui University of Finance and Economics,Bengbu 233030,China)

机构地区：[1]安徽财经大学国际经济贸易学院,安徽蚌埠233030

出　　处：《现代财经（天津财经大学学报）》2024年第2期84-98,共15页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家社会科学基金项目(21BJL046)。

摘　　要：在数字化转型已然成为数字经济时代必然趋势的当下,企业转型程度决定着企业价值,但企业内外部关于转型进展的信息不对称是否在企业高管与证券市场之间引发估值分歧,进而滋生“见好就收”的投机性减持,仍是尚待研究的问题。本文基于2008-2020年A股上市公司数据,实证研究企业数字化转型对高管投机性减持行为的影响。研究发现:企业数字化转型的深入诱发更多投机性减持,减持规模和频率均相应增加;政策性外部资金供给具有助长投机性减持的正向调节作用,企业内部现金供给则具有抑制投机性减持的负向调节作用;其中,政策性外部资金的不利调节作用主要发生在高资本成本和非高新技术企业中,而内部现金供给的有利调节作用主要发生在低资本成本和高新技术企业中。结论表明,增强企业内部现金供给能力是数字化转型过程中兼顾提升转型效率和抑制投机性减持的重要保障,应成为加速数字中国建设的政策着力点。同时,规范企业转型信息披露和完善政府补助政策也对缓解投机性减持问题具有重要作用。At a time when digital transformation has become an inevitable trend in the digital economy,the degree of corporate transformation determines corporate value,but it remains to be studied whether the information asymmetry between corporate executives and the stock market about the progress of transformation has led to valuation disagreement,which in turn has given rise to speculative stock selling at the first sight.Based on the data of A-share listed companies from 2008 to 2020,this paper empirically investigates the impact of corporate digital transformation on the speculative holding reduction behavior of executives.The study finds that:First,the deeper digital transformation of enterprises induces more speculative stock selling,and the scale and frequency of the reduction increase accordingly;Second,the policy external funding supply has a positive moderating effect of promoting speculative stock selling,while the internal cash supply of enterprises has a negative moderating effect of inhibiting speculative holdings reduction;Finally,the negative moderating effect of policy external funds mainly occurs in high cost of capital and nonhigh-tech firms,while the favorable moderating effect of internal cash supply mainly occurs in low cost of capital and high-tech firms.The conclusion indicates that enhancing the internal cash supply capacity of enterprises is an important guarantee for the digital transformation process to balance the enhancement of transformation efficiency and the suppression of speculative stock selling,and should be a policy focus to accelerate the construction of digital China.Meanwhile,regulating corporate transformation information disclosure and improving government subsidy policies also play an important role in alleviating the problem of speculative hold-down.

关 键 词：数字化转型 投机性减持 政策性外部资金 内部现金供给 

分 类 号：F49[经济管理—产业经济]